Banking and Finance in the US

Managing your finances while in the US

We recommend that you set up a checking account in an American bank in order to avoid high fees and increased difficulty when performing activities such as withdrawing money, using your credit or debit card, and depositing money.

If you are transferring a large amount of money when setting up a checking account, it is often best to do this by arranging a wire transfer. We do not recommend bringing a large amount of cash with you because it is not safe and, generally, you will not receive a good exchange rate when exchanging in American banks. To receive the best exchange rate, exchange your cash into US currency at an airport.

Local Banks

The local banks listed below are not endorsed or recommended by IHOPU or IHOPKC. The list is for informational purposes only, and the following details are subject to change. Please contact the banks directly for more information.

Writing a Check

If you decide to open a checking account while in Kansas City, the bank will probably offer you the option of a checkbook. Checks work in a similar way to withdrawing cash directly out of your checking account. At a store, you can write a check, instead of paying with cash or a debit card, for up to the amount you have in your account. For example, if you have $100.00 USD in your account, you can write a check for up to $100.00 USD. If you write it for more, the store will refuse to accept it, or the store will accept it but your bank will charge you a high fee. Writing a check for more than what you have in your account is called an “overdraft” or “bouncing” a check.

The following is an example of a blank check:

When writing a check, remember to include these items:

Date: Write in the date of the check in standard month/day/year format, or write it out, e.g., July 15, 2014.

Pay to the order of: Fill in the name of the person, business, or organization you are paying.

Dollar amount: Write the full amount in standard dollars and cents format in the dollar box, e.g., “100.00”.

Amount ($): Spell out the full amount of the check (e.g., “one hundred dollars”) and draw a line to fill in space if needed. This line keeps anyone from altering the amount of your check.

Signature: Sign your name on the bottom right line. Without your signature, the check is invalid.

Memo: Write the purpose of the check, such as “July rent” or “June cell phone,” for reference.

US currency

US currency or money is based on a decimal system, with one dollar ($1 or $1.00) equal to one hundred cents.

Coin currency is comprised of amounts less than one dollar. “Change” refers to coins, but also refers to the difference between what you pay and what you are owed when making a purchase. For example, if you owe $15.50 at the grocery store, and you give the cashier $20.00, your “change” is $4.50.

US paper currency is circulated in the amounts of $1, $5, $10, $20, $50, and $100. When talking about the cost of an item, paper currency is sometimes referred to by the slang term “bucks,” so $50 may be referred to as “fifty bucks.”

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